In 2012, the real estate market was flooded with cheap and plentiful inventory. Bank owned properties, foreclosure auctions, short sales, and estate sales created a massive backlog of homes that were not selling. We were looking at the bottom of the decline in real estate pricing that started back in 2009. Suffice it to say, buying a home was the last thing on many people’s minds.
Prior to this point, I was finishing up my business degree at Drexel and moonlighting as an intern with a small boutique property investment group in Philadelphia. The job was an exercise in patience: waiting on hold with Peco, entering rent checks into an Excel spreadsheet, and filing rental licenses made up the bulk of the day.
The company’s owners, however, were on a rampage of real estate investing, purchasing nearly 50 homes throughout Philadelphia in the time I spent there. The experience taught me how to be a diligent, well-informed, and rationally-minded real estate investor and property manager. Through their guidance, I was taught how to properly analyze a property as an investment.
In analyzing hundreds of potential deals, it became clear that the devil is truly in the details. Between closing costs (Pennsylvania has the highest transfer tax in the country), and holding costs (utility bills, property taxes, and insurance), seemingly small fees can truly make or break the decision to buy or pass on a property.
In my last year at Drexel, I began pursue real estate investing in the areas with which I was much more familiar – Delaware and Chester Counties. My first purchase was a serious fixer upper on a busy road in Springfield. It was the home nobody wanted. With the help of a few friends and relatives, we filled 8 dumpsters of trash from the tiny 1-bedroom house before even starting to renovate. The house needed everything – inside and out.
From there, we went on to purchase and renovate distressed properties on a regular basis, finding our niche in towns like Ardmore and Havertown. Some went up for sale, and others became rentals in order to wait out the down market.
The transition to becoming a full time real estate agent was more of a natural progression than a conscious decision. Working with friends and family was always something I enjoyed doing. Now, working with their friends and family has been even more enjoyable 😁.
Luckily, today’s market has been much stronger and more consistent than it was a few years back. However, the fundamentals remain the same. Our goal has always been “to help you make wise real estate decisions,” and that will never change. I will always provide my honest feedback and recommendations for what is in your best interest. Buying or selling a home is one of the biggest decisions you’ll ever make, and I’m honored to help you make the right decisions throughout the process.